Binance Cancels Cryptocurrency Trading in Australia


September 22, 2021, | AtoZ MarketsBinance users in Australia have 90 days to close their futures, options, and leveraged token positions.

Binance, the world’s largest cryptocurrency exchange by trading volume, continues to limit its services amid ongoing global regulatory scrutiny, announcing new restrictions on trading in Australia, Cointelegraph has said in a report.

As of Friday, Australian users will no longer be able to increase or open new positions for derivatives products on Binance. Users will still be able to top up their margin balances to avoid liquidations and margin calls, the company’s announcement notes.

Similarly, after Dec. 23, Binance users in Australia will no longer be able to manually reduce or close their positions.

What did Binance say?

“We are committed to our industry for the long term, and want to ensure that our product offerings are well received by users and local regulators,” a Binance spokesperson told Cointelegraph.

“We also monitor local regulatory requirements across different markets, as Binance operates globally. We want to make sure that the process of any transition we make is not disruptive,” the representative added.

Facts About Binance’s Latest Trading Suspensions

Binance’s latest trading suspensions in Australia follow a series of similar restrictions in other countries, amid warnings from multiple global regulators.

In August, Binance suspended trading of cryptocurrency derivatives in Brazil, following similar suspensions on its operations in Hong Kong. Earlier, Binance suspended derivatives trading for users in Germany, Italy, and the Netherlands as part of its broader plans to cease these products across Europe.

This is how one of the big cryptocurrency exchanges continues to have major regulatory issues globally. However, despite this kind of news, the cryptocurrency market continues to grow strongly so far this year.

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